Genuine Parts (NYSE:GPC) Hits New 12-Month Low After Earnings Miss

Genuine Parts (NYSE:GPC)’s share price reached a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $117.20 and last traded at $117.33, with a volume of 518587 shares. The stock had previously closed at $143.12.

The specialty retailer reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.94 billion. During the same period last year, the business earned $2.49 earnings per share. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year.

Genuine Parts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio is 44.59%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Evercore ISI raised their price target on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research note on Tuesday. UBS Group cut their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday. Truist Financial cut their price target on shares of Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research note on Wednesday. Wedbush cut their price target on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, The Goldman Sachs Group cut their price target on shares of Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a research note on Wednesday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Genuine Parts has a consensus rating of “Hold” and a consensus price target of $139.57.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Wulff Hansen & CO. increased its holdings in shares of Genuine Parts by 13,732.0% in the second quarter. Wulff Hansen & CO. now owns 1,566,474 shares of the specialty retailer’s stock valued at $216,675,000 after purchasing an additional 1,555,149 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Genuine Parts by 14,222.1% in the third quarter. International Assets Investment Management LLC now owns 584,342 shares of the specialty retailer’s stock valued at $81,621,000 after acquiring an additional 580,262 shares during the last quarter. DAVENPORT & Co LLC grew its holdings in Genuine Parts by 3,029.9% during the 1st quarter. DAVENPORT & Co LLC now owns 380,631 shares of the specialty retailer’s stock worth $58,999,000 after acquiring an additional 368,470 shares during the period. Natixis raised its position in shares of Genuine Parts by 768.4% during the 1st quarter. Natixis now owns 316,359 shares of the specialty retailer’s stock valued at $49,014,000 after acquiring an additional 279,930 shares during the last quarter. Finally, Anchor Capital Advisors LLC lifted its stake in shares of Genuine Parts by 1,457.3% in the 1st quarter. Anchor Capital Advisors LLC now owns 269,961 shares of the specialty retailer’s stock valued at $41,825,000 after purchasing an additional 252,626 shares during the period. Institutional investors own 78.83% of the company’s stock.

Genuine Parts Trading Up 2.8 %

The business has a 50 day moving average of $138.23 and a 200 day moving average of $142.63. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. The firm has a market capitalization of $16.19 billion, a price-to-earnings ratio of 12.96 and a beta of 0.90.

About Genuine Parts

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.